EUR/USD Signal Update
Yesterday’s signals did not produce a short trade off 1.1076 as the price action at the first touch was insufficiently bearish.
Today’s EUR/USD Signals
Risk 0.75%
Trades may only be entered between 8am and 5pm London time today only.
Long Trades
Long entry following a bullish price action reversal on the H1 time frame immediately upon the next touch of 1.1025 or 1.0900.
Place the stop loss 1 pip below the local swing low.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
Short Trades
Go short following a bearish price action reversal on the H1 time frame immediately upon the next touch of 1.1170, or 1.1234.
Place the stop loss 1 pip above the local swing high.
Move the stop loss to break even once the trade is 20 pips in profit.
Take off 50% of the position as profit when the price reaches 20 pips in profit and leave the remainder of the position to run.
EUR/USD Analysis
This pair was contained by the resistance yesterday at 1.1076 before breaking up above it during the New York session. The level seems to have flipped to become support which is a bullish sign if it holds. As it has just been tested during recent hours, I would not want to look for a long entry there today but would instead look to 1.1025 for that.
Overall the pair is moving little and has not long-term trend so opportunities here are generally limited for the time being.
There is nothing due today concerning the EUR. Regarding the USD, there will be a release of ADP Non-Farm Employment Change data at 1:15pm London time followed by Unemployment Claims data 15 minutes later. Then at 4pm there will be a release of Crude Oil Inventories.